Tag: Banking

SWIFT has announced that 22 additional global banks have joined its blockchain proof of concept (PoC).

The PoC was designed to validate whether the technology can help banks reconcile their international nostro accounts in real time and is part of the SWIFT gpi (global payments innovation) service, the new standard for cross-border payments.

The PayNow fund transfer system that goes live on July 10 will not replace existing e-payment apps and methods but make them even easier to use, banks say.

PayNow will allow people to transfer money to one another using just the recipient’s mobile or NRIC number. The Association of Banks in Singapore announced it on Tuesday as an important step towards developing a cashless society.

Customers of seven participating banks – DBS Bank, OCBC Bank, United Overseas Bank, HSBC, Standard Chartered Bank, Citibank and Maybank – who want to send and receive money through PayNow will have to link their mobile and NRIC numbers to their accounts, either through the bank’s website or mobile app.

Jumio has announced the partnership with digital bank Monzo, to verify new users and support know-your-customer (KYC) requirements.

Monzo will use Jumio’s Netverify to help verify customers who are moving from its prepaid card service to a full current account. This will enable the bank to comply with KYC requirements while removing the manual verifications from Monzo employees.

Jumio’s solution will also be used to verify existing prepaid card consumers and new people signing up for Monzo’s current accounts.

Jumio is an identity verification and credentials company that helps businesses reduce fraud. The company utilises proprietary computer vision technology to reduce customer sign-up and checkout friction.

The Western Union Company has updated the WU GlobalPay for students platform, which enables academic institutions to manage payments from international students.

Western Union made the announcement at Money 2020 Europe in Copenhagen where three of its leading executives are speaking this week on WU’s role in fintech movement and innovation in the international payments digital world.

The platform was developed with the involvement of international students who gave insight for improving the overall payer experience. The mobile-first user interface offers real-time payment tracking for online bank transfers and credit card payments.